Core view
In the first week of 2022, or affected by the Fed's expectation of raising interest rates in advance, the global stock market generally closed down, the trend of A-share market was depressed, and the weekly lines of the three major indexes closed negative one after another.
In the A-share index last week, the performance of SSE 50 was relatively good: - 1.55%, and the comprehensive performance of gem was relatively poor: - 6.79%.
In terms of the performance of the index last week, the performance of the large index is relatively good: - 0.46%, and the performance of the small index is relatively poor: - 2.97%.
In terms of market style last week, the financial performance was relatively good: 1.84%, and the growth performance was relatively poor: - 5.43%.
As of January 7, the PE (TTM) of Shanghai composite index was 13.73 times, that of Shenzhen composite index was 37.14 times and that of gem was 58.94 times.
From the perspective of PE, the valuations of automobile, leisure services and food and beverage in Shenwan industry are significantly higher than the historical average, and the industry valuation quantiles are 92.6%, 91.1% and 88.4% respectively; The valuation of non-ferrous metals, electronics and steel industries is significantly lower than the historical average, and the industry valuation quantiles are 7.5%, 12.9% and 17.2% respectively.
As of January 7, the P / E ratio of S & P 500 was 25.85 times, down 2.20% from the previous week, and the P / E ratio of Dow Jones Industrial was 25.69 times, down 2.85% from the previous week; The price earnings ratio of the NASDAQ index was 36.69 times, down 4.96% from the previous week.
As of January 7, the price to book ratio of Hang Seng in Hong Kong was 1.11 times, an increase of 1.36% over the previous week, and the price to book ratio of Hang Seng China enterprise index was 1.06 times, an increase of 1.17% over the previous week; Hang Seng Hong Kong's 35 price to book ratio was 1.08 times, up 0.45% from the previous week.
Risk tip: the epidemic situation is repeated, the liquidity is lower than expected, and the market fluctuates sharply
